XRP Price Surge: Analyst Predicts 70% Increase
The XRP price has been on a rollercoaster ride over the past few days, with a recent recovery sparking positive sentiment among investors. This surge in optimism has been fueled by the analysis of crypto analyst RLinda, who believes that the cryptocurrency is poised to surge by 70%.
In a detailed analysis posted on TradingView, RLinda pointed out that XRP recently experienced a false breakdown, where the price plummeted from $0.7 to $0.42 before bouncing back. According to the analyst, this false breakdown could signal a breakout similar to the one seen between August and November 2023, potentially leading to a price increase of up to 70%.
Furthermore, XRP has been in a long-term consolidation phase, which could also contribute to a potential breakout. RLinda stated, “XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%.”
Despite recent struggles, XRP has seen renewed interest from investors, particularly crypto whales who have been increasing their holdings significantly. This influx of investment comes as analysts predict major upside for the cryptocurrency, with some forecasting a price spike as high as $1.4, representing a more than 100% increase.
While XRP’s daily trading volume has seen a decline, the altcoin remains the 7th-largest in the market with a market cap of $30.3 billion. As the price continues to hover above $0.5, all eyes are on XRP as investors eagerly await the potential surge predicted by RLinda and other analysts.
With positive sentiment returning to the XRP market and analysts forecasting significant growth, the cryptocurrency is certainly one to watch in the coming days.
